Coral Gold Provides Q4 Report On Nevada Gold Mines' Progress Coral Gold Provides Q4 Report on Nevada Gold Mines' Progress at Robertson Project in Nevada
March 16, 2020
Coral Gold Resources Ltd. (TSX-V: CLH; OTCQX: CLHRF) (“Coral” or the “Company”) reports that Nevada Gold Mines (“NGM”) continues to advance activities on the Robertson Project in the Cortez region of Nevada where Coral retains a net smelter returns royalty (NSR).
NGM recently delivered its summary of work completed in Q4 2019 at Robertson, reporting that 1,675 meters of geotechnical drilling has been completed.
NGM are progressing with updating the geological model, preparing mine plans, confirming metallurgical assumptions and carrying out baseline study work.
Barrick recently mentioned a mineral resource at the Robertson Project in their 2019 fourth quarter report, and while the details of the new resource estimate have not yet been made public, they indicate the Robertson property is now considered part of the mineral resource base for the Cortez Mine complex. Coral Gold Management is encouraged by the progress on the Robertson Project, especially that a new mine design was created, and work progresses towards development of this property.
Coral’s NSR at Robertson
After the sale of the Robertson Project to Barrick in 2017 (now held within NGM), Coral retains a life of mine sliding scale, 1% to 2.25% NSR on the project. Coral’s NSR is subject to potential advance royalty payments as well as a right of first refusal enabling NGM to acquire the NSR if the Company wishes to sell the NSR to any third party. The royalty increases with an increase in the price of gold. Details of the NSR are available on Coral’s website.
Qualified Person
The technical data in this press release was reviewed and approved by Alan Morris, P.Geo, who is a qualified person within the context of National Instrument 43-101.
About Coral Gold Resources Ltd.
Coral Gold Resources is a precious metals exploration company operating in Nevada, where it has explored one of the world’s richest gold districts for over 30 years. The Company’s primary asset is a sliding scale net smelter returns production royalty on Nevada Gold Mines’ Robertson Property in Nevada. The Company also holds a portfolio of strategically-located exploration projects near Nevada Gold Mine’s Pipeline/Cortez Mine Complex on Nevada’s Battle Mountain/Cortez Trend. Coral remains debt free with a strong balance sheet. Our overall objective is to generate long-term wealth for shareholders.
ON BEHALF OF THE BOARD
“David Wolfin”